Wal-Mart Sues VISA for $5 Billion Over...(Guess What?)

grifferz

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Quote from: RawDog on April 01, 2014, 02:42:45 AM

Quote from: Prolifik on April 01, 2014, 02:18:00 AM

Credit card company's wont admit it but they fear Bitcoin.
That's why it's so difficult to buy Bitcoins with a credit card.

This is simply not true. Visa hates dildos, bongs, pornography and bullets but you can buy those things with Visa. Visa doesn't go around deciding who can use their system based upon their love/hate for a product. If it is legal to sell, and sometimes even illegal, Visa is going to let you use the system so long as they get their cut. Its just business.

It was legal to donate to Wikileaks when Visa stopped processing the payments.

I do agree though that it's more likely to be the rate of chargebacks that prevent most purchasing of bitcoins with credit cards.

EndTheFed321

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the inevitable fiat-implosion Shocked

Arksun

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Quote from: superdork on March 31, 2014, 10:55:33 PM

None of the above.

Bank bail ins in a country that people have heard of (no offense talking about the masses here) that can't be swept under the rug.
(aka not Cyprus, but Spain Germany or France)

People never heard of Cyprus!?!?, where are these masses you speak of, the 'MURICA bible belt?

Patel

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AmEx already joined coinbase with their child company (square)

bythesea

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Wait, what? They are suing them because of high fees? And that is done by a company that's selling overpriced items? only in USA...

igorr

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Merit: 250

Quote from: mktrader on March 31, 2014, 03:56:54 PM

Wal-Mart [WMT (NYSE)] has just filed a massive $5 billion lawsuit against VISA [V (NYSE)] over card processing fees..!!

It's all over the place in mainstream media:

http://www.reuters.com/article/2014/03/27/us-walmart-visa-lawsuit-idUSBREA2Q2BJ20140327

http://money.cnn.com/2014/03/28/news/companies/walmart-visa-suit/

http://www.bbc.com/news/business-26780821

http://www.bloomberg.com/news/2014-03-27/wal-mart-sues-visa-claiming-card-transaction-fee-fixing.html

Is this the Beginning of the End for conventional payment processors like VISA & MASTERCARD (and Rise of the Bitcoin)?

Do you know for Chinese pay procesor Union Pay ?

vnvizow

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Activity: 364

Merit: 250

Either Amazon or Ebay accepts Bitcoin or someone creates another site like Bitmit, I really want to buy stuff with Bitcoins again

retrend

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Activity: 476

Merit: 251

I'd be surprised if Walmart pay above 1% to Visa. Not many bitcoin alternatives at that price yet is there?

murraypaul

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Activity: 476

Merit: 250

Quote from: durrrr on March 31, 2014, 09:41:46 PM

Quote from: Lauda on March 31, 2014, 04:01:24 PM

Well Wal-Mart isn't it time you started accepting Bitcoin?

i think it would make walmart more money because it would cut down on processing fees. i think walmart really should consider bitcoin as a payment method in the future

It would make far, far, less money, because people would only be able to spend money they actually had right then, not buy on credit.
That would reduce WalMart's profits far more than the couple of percent they pay to Visa.

jbrnt

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Large corps like to threaten each other with lawsuits, but both know full well that they can't do without each other. Walmart will not accept visa at their counters? or Visa stop authorising payments at Walmart outlets?

murraypaul

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Activity: 476

Merit: 250

Quote from: mktrader on March 31, 2014, 03:56:54 PM

Is this the Beginning of the End for conventional payment processors like VISA & MASTERCARD (and Rise of the Bitcoin)?

No.

atp1916

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Quote from: seriouscoin on March 31, 2014, 10:02:15 PM

Quote from: atp1916 on March 31, 2014, 10:00:27 PM

Just like the Vietcong outlasted the US military in Vietnam, so shall Bitcoin technology outlast the banks and all of their expensive tastes.

Bleed 'em dry!

You make no sense whatsoever. What the fck does this has anything to do with banks and their expensive taste?

Expensive taste = itemizing every single portion of their business model and charging an associated fee.

Think outside the box, son!

RawDog

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Quote from: Prolifik on April 01, 2014, 02:18:00 AM

Credit card company's wont admit it but they fear Bitcoin.
That's why it's so difficult to buy Bitcoins with a credit card.

This is simply not true. Visa hates dildos, bongs, pornography and bullets but you can buy those things with Visa. Visa doesn't go around deciding who can use their system based upon their love/hate for a product. If it is legal to sell, and sometimes even illegal, Visa is going to let you use the system so long as they get their cut. Its just business.

Prolifik

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Activity: 588

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Credit card company's wont admit it but they fear Bitcoin.

That's why it's so difficult to buy Bitcoins with a credit card.

Thankfully we still can @ VirWox via USD -> SLL -> BTC

Bit_Happy

legendary

Activity: 2114

Merit: 1040

A Great Time to Start Something!

Quote from: TheMage on March 31, 2014, 06:38:42 PM

This is huge news! As much as I despise walmart....I despise the CC companies even more.

I'll be interested in updates.
It is Huge news.

mktrader

member

Activity: 84

Merit: 10

Hello World!!!

Launch of a secure & usable hardware wallet will be a milestone in the history history of Bitcoin.

In future, we can even expect credit card sized hardware wallets (which may be called 'Bitcoin Debit Devices') which merchants can simply swipe on their 'Bitcoin Debit Machines' to quickly charge their customers - all of this without the huge transaction processing charges.

superdork

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None of the above.

Bank bail ins in a country that people have heard of (no offense talking about the masses here) that can't be swept under the rug.
(aka not Cyprus, but Spain Germany or France)

seriouscoin

hero member

Activity: 658

Merit: 500

Quote from: atp1916 on March 31, 2014, 10:00:27 PM

Just like the Vietcong outlasted the US military in Vietnam, so shall Bitcoin technology outlast the banks and all of their expensive tastes.

Bleed 'em dry!

You make no sense whatsoever. What the fck does this has anything to do with banks and their expensive taste?

seriouscoin

hero member

Activity: 658

Merit: 500

Quote from: durrrr on March 31, 2014, 09:41:46 PM

Quote from: Lauda on March 31, 2014, 04:01:24 PM

Well Wal-Mart isn't it time you started accepting Bitcoin?

i think it would make walmart more money because it would cut down on processing fees. i think walmart really should consider bitcoin as a payment method in the future

For online, its easy. But brick and mortal retailers, we need something like hardware wallet to safely using btc publicly. I dont trust smartphone or ANY internet access.

With hardware wallet, you dont need to have internet access, you just sign the tx and on your way.

atp1916

legendary

Activity: 854

Merit: 1000

Just like the Vietcong outlasted the US military in Vietnam, so shall Bitcoin technology outlast the banks and all of their expensive tastes.

Bleed 'em dry!

Topic: Wal-Mart Sues VISA for $5 Billion Over...(Guess What?) (Read 2563 times)